How Businesses and Marketing are changing? Monday, September 28, 2009

How Businesses and Marketing are changing?

Market place is changing as a result of major societal forces like
1. Technological Advance
2. Globalization
3. Deregulation
Customers increasingly want higher Quality, Lower Price, Service and Customization.
They perceive fewer Brand Loyalty and Product differences. They ca obtain Extensive Product information from the Internet and other sources and shop intelligently. Brand manufacturers are facing intense competition from domestic and foreign brands, rising promotion costs and shrinking profits.
Store based retailers are suffering from an over saturation of retailing. Small retailers are succumbing to growing power of Giant retailers and category killers. Store based retailers are suffering from competition from catalog houses, Direct mail firms, TV direct to customer ads, Telemarketing, Tele-shopping etc.

Quote : Marketing Management by Philip Kotler 10th Edition